Watertown

The ground under it was tendered in 2011. Both ends of that are public; nobody puts them together.

The land under Watertown

HDB put this parcel out to tender and names Watertown as what was built on it. Everything below is from that tender: the dates, the winning price, and the 7 bids that came in.

  1. Tender launched30 Nov 2010
  2. Tender closed15 Feb 20117 bids received
  3. Awarded18 Feb 2011Emerald Star Pte Ltd and FC Retail Trustee Pte Ltd (as Trustee of Sapphire Star Trust)
  4. Winning tenderS$1,021,000,000S$8,103 per sq m of gross floor area · S$753 per sq ft
Parcel
Punggol P1 Punggol Central / Punggol Walk
Site area
29,999 sq m
Lease
99 yrs
Plot ratio
4.2
Gross floor area
125,997 sq m
Sold as
Mixed
Every bid — all 7, as HDB published them
Ranked by amount. The gap column is each bid measured against the winning one — subtraction, not a judgement about whether anyone bid well.
#TendererBidBehind the winner
1Emerald Star Pte Ltd and FC Retail Trustee Pte Ltd (as Trustee of Sapphire Star Trust)S$1,021,000,000—
2Punggol Retail Development Pte Ltd and Qingdao Construction (Singapore) Pte LtdS$849,777,000S$171,223,000 · 16.8%
3Keppel Land Realty Pte Ltd and K-Commercial Management Pte. Ltd. (as Trustee-Manager of K- Commercial Trust)S$786,000,000S$235,000,000 · 23.0%
4Jewel Residential (1) Pte. Ltd. And Jewel Trustee Pte. Ltd. (in its capacity as trustee of Jewel Mall Trust)S$763,988,888S$257,011,112 · 25.2%
5Earth Holdings Pte. Ltd. And UED Capital Venture Pte. Ltd.S$692,999,999S$328,000,001 · 32.1%
6Fica Nominees Pte Ltd and First Capital Holdings Pte LtdS$680,822,000S$340,178,000 · 33.3%
7Mezzo Development Pte LtdS$250,000,000S$771,000,000 · 75.5%

What the land cost and what a unit sells for are not two ends of one sum. Between them sit construction over a multi-year build, financing, the development charge, marketing and agent commissions, GST, and the cost of holding unsold units. None of those is published for a named project, so this site does not estimate a developer’s cost or margin and no figure here should be read as one.

Source: HDB — Sites Sold by HDB · tender awarded 18 Feb 2011 · transcribed from HDB’s published tables on 2026-08-31 · prices are nominal and are not adjusted for inflation. HDB names the development on this row as “Waterway Point & Watertown”. This parcel, from tender to today · Every land sale

What has been filed there since

2011 · the groundS$1,021,000,000S$753 per sq ft of gross floor area
Today · the homes on it$1,600median of 252 filed transactions, 2021-09 to 2026-09

Those two are not the same square foot. Gross floor area includes what nobody buys — the corridors, the car park, the plant rooms — so the land rate is spread across more area than a unit is sold by. The ratio is arithmetic on two published figures and is not a return, a profit, or an appreciation.

Year by year, for a median-sized unit

50–60 sqm band. Counts in brackets; a year with fewer than 3 filed sales is kept and marked rather than dropped, because a reader can discount a thin year and cannot discount one that was silently removed.
YearMedian psfAgainst the year before
2021$1,433 (12)—
2022$1,471 (33)+2.7%
2023$1,597 (19)+8.6%
2024$1,576 (21)-1.3%
2025$1,660 (20)+5.3%
2026$1,600 (18)-3.6%

The two ends of this page are not two ends of one sum. Between the tender and the first unit sold sit construction over a multi-year build, financing, the development charge, marketing and agent commissions, GST, and the cost of holding unsold stock. None of those is published for a named project, so nothing here estimates a developer’s cost or margin and no figure on this page should be read as one. Why that is refused.

The rest of it